The Fund, which became effective today, uses a diversified municipal bond portfolio to seek a high level of income that is exempt from federal and
“This is another way for us to meet the tax-management and diversification needs of investors in the most populous state in the country,” said
The Fund has a targeted strategy, investing primarily in high-yield revenue bonds that are backed by dedicated sources, such as user fees or a special tax. Revenue bonds are generally higher risk than general obligation bonds, and as a result, typically offer higher yields.
According to its prospectus, the Fund invests, under normal circumstances, at least 80% of its net assets in a diversified portfolio of municipal securities that are exempt from Federal and
“We use an in-depth research process that emphasizes analyzing credit risk and security structure with duration management,” said Walls.
Walls also is portfolio manager of the
About Ivy Investments
Ivy InvestmentsSM is a global organization recognized for inventive, actively-managed investing strategies that help investors best meet their long-term goals. It is part of an organization dating to 1937, with a time-tested investment process and an authentic and demanding culture – one that values preparedness, collaboration and accountability. These values extend from a broad internal investing capability, which reaches all major asset classes, to subadvisor partners, to the distribution team that supports advisors and clients.
Past performance is not a guarantee of future results. The value of the Fund’s shares will change, and you could lose money on your investment. Fixed income securities are subject to interest rate risk and, as such, the net asset value of the Fund may fall as interest rates rise. Investing in below-investment-grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. The Fund may include a significant portion of its investments that will pay interest that is taxable under the Alternative Minimum Tax (AMT). Exempt-interest dividends the Fund pays may be subject to state and local income taxes. The portion of the dividends the Fund pays that is attributable to interest earned on
IVY INVESTMENTS℠ refers to the financial products and services offered by
Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which may be obtained at www.ivyinvestments.com or from a financial advisor. Read it carefully before investing.
Diversification cannot ensure a profit or protect against loss in a declining market.
VP, Director of Communications
Source: Ivy Investments